PDL BioPharma Responds to Letter from Engine Capital

Date : 10/25/2019 @ 2:06AM
Source : PR Newswire (US)
Stock : PDL BioPharma Inc (PDLI)
Quote : 3.535  -0.06 (-1.67%) @ 3:14PM

PDL BioPharma Responds to Letter from Engine Capital

PDL BioPharma (NASDAQ:PDLI)
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2 Months : From Oct 2019 to Dec 2019

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INCLINE VILLAGE, Nev., Oct. 24, 2019 /PRNewswire/ -- PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) today announced that Harold E. Selick, Ph.D., Chairman of the Board of Directors of PDL BioPharma, has sent the following letter to Engine Capital, LP.

October 24, 2019

Arnaud Ajdler
Brad Favreau
Engine Capital, LP
1345 Avenue of the Americas, 33 rd Floor
New York, NY 10105

Re: Response to Your Letter Dated October 23, 2019

Dear Messrs. Ajdler and Favreau:

We are in receipt of your letter dated October 23, 2019 and addressed to the PDL BioPharma Board of Directors. We take the views of our shareholders very seriously. Capital allocation, corporate governance, expense management and the creation of shareholder value are all important topics for our Board as evidenced, in part, by the $ 155 million in share repurchases that have been executed over the past two years.

We are in the process of reviewing the suggestions in your letter. At our September meeting, the PDL Board authorized our CEO to engage an external financial advisor to provide an independent perspective on certain of these topics. Once we complete that review, we would be pleased to meet with you to discuss your suggestions in greater detail within the confines of Regulation FD.

Very truly yours,

/s/   Harold E. Selick

Harold E. Selick, Ph.D.

About PDL BioPharma, Inc.

PDL's mission is to improve the lives of patients and create value for our shareholders and our people by applying our capital and expertise for the successful development and commercialization of innovative therapeutics by our partner companies. We deliver on our mission by entering into strategic transactions involving innovative late clinical-stage or early commercial-stage therapeutics with attractive revenue growth potential. For more information please visit www.pdl.com

NOTE: PDL, PDL BioPharma, the PDL logo and associated logos and the PDL BioPharma logo are trademarks or registered trademarks of, and are proprietary to, PDL BioPharma, Inc. which reserves all rights therein. Noden, Noden Pharma, Tekturna, Tekturna HCT, Rasilez and Rasilez HCT and associated logos are trademarks or registered trademarks of, and are proprietary to, Noden Pharma DAC, which reserves all right therein. LENSAR and associated logos are trademarks or registered trademarks of, and are proprietary to, LENSAR, Inc., which reserves all rights therein.

 

PDL BioPharma, Inc. (PRNewsFoto/PDL BioPharma, Inc.)

 

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SOURCE PDL BioPharma, Inc.

Copyright 2019 PR Newswire

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